Island Institute to issue $2M to Maine startups

Posted July 22, 2011, at 5:21 a.m.

PORTLAND, Maine — The Island Institute is launching a $2 million economic-development program to help island and coastal entrepreneurs start or expand their businesses in Maine.

The Island and Coastal Innovation Fund is aimed at providing capital to boost waterfront businesses. In return, the institute takes an equity position.

Details are being announced Friday in Portland.

The fund will continue to purchase and hold groundfish permits, leasing them back to conservation-minded fishermen who’re shifting from fishing to research to help protect stocks.

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